Bitcoin
$ 32,183
Ethereum
$ 1,236.2
Litecoin
$ 139.43

Crypto is a legitimate vehicle – Australian judge

As part of a defamation case in front of the New South Wales, or NSW district court, Judge Judith Gibson allowed cryptocurrency usage as collateral.

“This is a recognized form of investment,” Gibson said of cryptocurrency, also acknowledging its volatility, according to a brief from the Australian Associated Press.

As part of the defamation case, the NSW court stated the accusing party must place $20,000 AUD, or approximately $13,000 USD, in a bank account guarded by the courts. Should the accusing party lose or secede, the funds would pay for a portion of the defendant’s legal fees.

Instead of a bank account, the court allowed the plaintiff to use their cryptocurrency exchange account.

Given concerns of instability from the defendant’s legal team, the plaintiff agreed to provide reports each month on the status of the crypto account’s value.

The courts also required the plaintiff to notify the defendant’s solicitor if the crypto account’s value falls south of $20,000 AUD.

“I can see the desirability of the defendant receiving prompt notification of any drop in the value of the account,” Gibson said. “These are uncertain financial times.”

Cointelegraph reached out to the court for additional details, but received no response as of press time. This article will be updated should we receive a response.

Although cryptocurrency usage as collateral is not the most glamorous use case, it shows growing industry validity in the eyes of governments worldwide.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Kyrgyzstan: Central Bank Publishes Draft Crypto Laws, Calls for Public Comments
January 23, 2021By
Kenya Finance Act takes effect, charging 1.5% tax on digital currencies
January 23, 2021By
Concordium Becomes First Blockchain Member of FinTech Association of Japan
January 23, 2021By

Advertisement

Video Posts

In
Solving Gender Inequality Using Blockchain S2 (Ep2): A Blockchain Solution To Close The Gap
January 22, 20210
In
Africa Digital Finance Summit 2021
January 20, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin32,183 1.31 % 0.20 % 12.52 %
Ethereum1,236.2 0.96 % 0.99 % 5.49 %
Tether0.9978 0.59 % 0.60 % 0.28 %
Polkadot17.77 2.15 % 2.42 % 34.67 %
XRP0.2712 0.69 % 0.52 % 3.26 %
Cardano0.3472 1.69 % 1.75 % 14.74 %
Chainlink23.79 1.10 % 10.89 % 15.45 %
Litecoin139.43 1.49 % 1.00 % 3.09 %
Bitcoin Cash430.79 1.52 % 1.27 % 12.09 %
Binance Coin40.17 0.63 % 1.96 % 2.03 %